Business intelligence? Sometimes in my head that is an oxymoron. I try to be as smart as I can, but you know there is still a risk factor in being a small business guy. That is the beauty of what we are talking about in this month’s issue, taking some of the risk out of it. Business intelligence simply means having the information and the expertise you need to make more informed, less risky decisions. I think you are going to find we have some great resources here in Greater Lansing that are going to take some of the risk out of running your business...which should manifest itself in a bottom line that is a little healthier.

When we speak of business intelligence, we are really talking about things like market data—something all of us can use. Doesn’t every business owner want to know what the market looks like? I will hearken back to when we first started the business barometer at The Greater Lansing Business Monthly, some 22 years ago. It began with a simple conversation I had with a local retailer, after asking this retailer, “How’s business?” He said, “You know, I am not sure.” The reason was he didn’t know was because he wasn’t sure if he was losing market share, or if he was maintaining market share in a declining market. Those are two very different things even though the bottom line stays the same. It is how you combat that circumstance, that is the true reality of knowing which one is which.

In other words, if you know your market is declining, then you have to diversify. You have to market yourself more heavily or you have to come up with products or services for other segments of your industry; diversifying allows for growth in a shrinking industry.

On the other hand, if you are talking about losing market share to a healthy market, then you’ve got to reestablish what you are, kick up your quality and your customer service, or your communication with the market. Business owners spend money to combat circumstances in two very different ways. It is important to not misspend money, which is what business intelligence is about: having the data, being able to access the information and the tools to be able to improve, be it progressively or acutely,  depending on the experience.

So there you have it. We have all been through the cycles of business and have scratched our heads at one point or another. Those of us who are still around have found the solutions. It’s now easier and we get there a bit quicker thanks to the businesses and people we’re featuring who point us to the answers.

Have a prosperous month,

		Chris Holman Publisher